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Türkiye’de Doğrudan Yabancı Sermaye Yatırımları ve Sürdürülebilir Kalkınma İlişkisinin Analizi

Yıl 2021, Cilt 6, Sayı IERFM Özel Sayısı, 33 - 53, 30.12.2021
https://doi.org/10.30784/epfad.1022499

Öz

Ülkelerin kalkınma ve refah arayışları zaman içerisinde dönüşüme uğrayarak süründürülebilir gelecek ekseninde sürdürülebilir kalkınmayı doğurmaktadır. Ham maddenin işlenerek ürün haline getirilmesi sürecinin, sadece ekonomik yararlara dayalı olmasının uzun dönemde çevresel ve sosyal gelişmeye engel olacağı düşünüldüğünde, döngüsel ekonomi kurgusuyla sürdürülebilir kalkınmanın önemi bir kez daha vurgulanmaktadır. Özellikle gelişmekte olan ekonomilerde sürdürülebilir kalkınma stratejisi olarak doğrudan yabancı sermaye yatırımları (DYSY) gündeme gelmektedir. Bu bağlamda çalışmada Türkiye’de 1990-2018 yılları arasında doğrudan yabancı sermaye yatırımları ile sürdürülebilir kalkınma arasında ilişki olup olmadığının ortaya konulması amaçlanmaktadır. Bu çalışmada değişkenler arasındaki ilişkilerin tahmininde, birim kök testi, eş-bütünleşme ve VECM temelli nedensellik analizlerine yer verilmektedir. Varyans ayrıştırması ve etki-tepki analizleriyle de nedensellik ilişkisinin anlamlılığı sorgulanmaktadır. Bulgulara göre, değişkenler arasında eş-bütünleşme ilişkisi bulunmakta ve uzun dönemde birlikte hareket etmektedirler. Ayrıca, DYSY’den, kişi başı GSYİH ve kişi başı enerji tüketimine doğru tek yönlü; kişi başı GSYİH ile kişi başı enerji tüketimi arasında çift yönlü; DYSY’den sürdürülebilir kalkınma endeksine doğru ise, tek yönlü nedensellik ilişkisinin varlığı sonuçlarına ulaşılmaktadır.

Kaynakça

  • Abdouli, M. and Hammoni S. (2017). Investigating the causality links between environmental quality, foreign direct investment and economic growth in MENA countries. International Business Review, 26, 264-278. https://doi.org/10.1016/j.ibusrev.2016.07.004
  • Adejumo, A. V. (2019). Foreign direct investment, export performance and sustainable development in Nigeria. Journal of Sustainable Development, 12(2), 110-122. doi:10.5539/jsd.v12n2p110
  • Antanavičienė, J. (2014). Foreign direct investment: Driving factors and outcomes for secure and sustainable development. Journal of Security and Sustainability Issues, 3(3), 55-67. doi:10.9770/jssi.2014.3.3(5)
  • Aust, V., Morais, A. I. and Pinto I. (2020). How does foreign direct investment contribute to sustainable development goals? Evidence from African Countries. Journal of Cleaner Production, 245, 1-10. https://doi.org/10.1016/j.jclepro.2019.118823
  • Ayamba, E. C., Haibo, C., Abdul-Rahaman, A. R., Serwaa, O. E. and Osei-Agyemang, A. (2020). The impact of foreign direct investment on sustainable development in China. Environmental Science and Pollution Research, 27(20), 25625-25637. https://doi.org/10.1007/s11356-020-08837-7
  • Barişik, S. and Kesikoğlu, F. (2006). Türkiye'de bütçe açiklarinin temel makroekonomik değişkenler üzerine etkisi (1987-2003 VAR, etki-tepki analizi, varyans ayrıştırması). Ankara Üniversitesi SBF Dergisi, 61(4), 59-82. Retrieved from https://dergipark.org.tr/en/pub/ausbf
  • Bulut, S. and Özdemir, A. (2012). İstanbul Menkul Kıymetler Borsası ve “Dow Jones Industrial” araştırma ilişkisi: Eşbütünleşme analizi. Yönetim ve Ekonomi Dergisi, 19(1), 211-224. Retrieved from https://dergipark.org.tr/tr/pub/yonveek
  • Cho, H. C. and Ramirez, M. D. (2016). Foreign direct investment and income inequality in Southeast Asia: A panel unit root and panel cointegration analysis, 1990–2013. Atlantic Economic Journal, 44, 411-424. doi:10.1007/s11293-016-9521-7
  • Chudnovsky, D. and Lopez, A. (2008). Foreign investment and sustainable development in Argenita. Retrieved from http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.367.818
  • Davidson, L. and Sahli, M. (2015). Foreign direct investment in tourism, poverty alleviation, and sustainable development: A review of the Gambian hotel sector. Journal of Sustainable Tourism, 23(2), 167-187. Retrieved from https://sdgs.un.org/
  • Erden, C. and Turan Koyuncu, F. (2014). Kalkınma ve çevresel sağlık riskleri: Türkiye için ekonometrik bir analiz. Aksaray Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(2), 9-23. Retrieved from https://iibfdergi.aksaray.edu.tr/
  • Erdil Şahin, B. (2019). Türkiye’de enflasyon ve işsizlik arasındaki ilişkinin vektör hata düzeltme modeli ile analizi. Mali Çözüm Dergisi, 29(152), 63-75. Retrieved from https://archive.ismmmo.org.tr/
  • Feridun, M. and Sissoko, Y. (2011). Impact of FDI on economic development: A causality analysis for Singapore, 1976 – 2002. International Journal of Economic Sciences and Applied Research, 4(1), 7-11. Retrieved from http://ssrn.com/
  • Fuller, D. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica, 49(4), 1057-1072. doi:10.2307/1912517
  • Gallagher, K. P. (2005). FDI as a sustainable development strategy: Evidence from Mexican manufacturing. UC Berkeley: Center for Latin American Studies.
  • Georgantopoulos, A. G. and Tsamis, A. (2011). The macroeconomic effects of budget deficits in Greece: A VAR-VECM approach. International Research Journal of Finance and Economics, 79, 100-112. Retrieved from https://ssrn.com/
  • Guoyan, S., Khaskheli, A., Raza, S. A. and Shah, N. (2021). Analyzing the association between the foreign direct investment and carbon emissions in MENA countries: A pathway to sustainable development. Environment, Development and Sustainability, 1-18. doi:10.1007/s10668-021-01613-8
  • Kardos, M. (2014). The relevance of foreign direct investment for sustainable development. Empirical evidence from European Union. Procedia Economics and Finance, 15, 1349-1354. https://doi.org/10.1016/S2212-5671(14)00598-X
  • Karimov, M. (2020). An empirical analysis of the relationship among foreign direct investment, gross domestic product, CO2 emissions, renewable energy contribution in the context of the Environmental Kuznets Curve and pollution haven hypothesis regarding Turkey. European Center for Science Education and Research, 94-108. doi:10.26417/ejef.v4i1.p110-123
  • Kivyiro, P. and Arminen, H. (2014). Carbon dioxide emissions, energy consumption, economic growth, and foreign direct investment: Causality analysis for Sub-Saharan Africa. The Energy Journal, 74, 595-606. https://doi.org/10.1016/j.energy.2014.07.025
  • Kutlar, A. (2009). Uygulamalı ekonometri. Ankara: Nobel Yayın Dağıtım.
  • Mukhtarov, S., Aliyev, S., Mikayilov, J. I., Ismayilov, A. and Rzayev, A. (2021). The FDI-CO2 nexus from the sustainable development perspective: The case of Azerbaijan. International Journal of Sustainable Development & World Ecology, 28(3), 246-254. https://doi.org/10.1080/13504509.2020.1804479
  • Nepal, R., Paija, N., Tyagi, B. and Harvie, C. (2021). Energy security, economic growth and environmental sustainability in India: Does FDI and trade openness play a role? Journal of Environmental Management, 281, 111886. https://doi.org/10.1016/j.jenvman.2020.111886
  • Odugbesan, J. A., Ike, G., Olowu, G. and Adeleye, B. N. (2020). Investigating the causality between financial inclusion, financial development and sustainable development in Sub‐Saharan Africa economies: The mediating role of foreign direct investment. Journal of Public Affairs, e2569. https://doi.org/10.1002/pa.2569
  • Omri, A., Nguyen, D. K. and Roult, C. (2014). Causal interactions between CO2 emissions, FDI, and economic growth: Evidence from dynamic simultaneous-equation models. Economic Modelling, 42, 18-40. https://doi.org/10.1016/j.econmod.2014.07.026
  • Pao, H. T. and Tsai, C. M. (2011). Multivariate Granger causality between CO2 Emissions, energy consumption, FDI (foreign direct investment) and GDP (gross domestic product): Evidence from a panel of BRIC (Brazil, Russian Federation, India, and China) countries. The Energy Journal, 36, 685-693. https://doi.org/10.1016/j.energy.2010.09.041
  • Park, S. D. (2018). The nexus of FDI, R&D, and human capital on Chinese sustainable development: Evidence from a two-step approach. Multidisciplinary Digital Publishing Institute, 10, 1-23. doi:10.3390/su10062063
  • Pirtea, M. and Milos, L. (2009). Foreign direct investment–a lead driver for sustainable development in Romania? Annals-Economy Series, 3, 265-272. Retrieved from https://www.utgjiu.ro/
  • Rana, R. and Sharma, M. (2020). Dynamic causality among FDI, Economic Growth and CO2 emissions in India with open markets and technology gap. International Journal of Asian Business and Information Management, 11(3), 15-31. doi:10.4018/IJABIM.2020070102
  • Ren, S., Yuan, B., Ma, X. and Chen, X. (2014). International trade, FDI (foreign direct investment) and embodied CO2 emissions: A case study of Chinas industrial sectors. China Economic Review, 28, 123-134. https://doi.org/10.1016/j.chieco.2014.01.003
  • Ridzuan, A. R., Ismail, N. A. and Hamat, A. F. C. (2017). Does foreign direct investment successfully lead to sustainable development in Singapore? The Economies Journal, 5(29), 2-20. https://doi.org/10.3390/economies5030029
  • Ridzuan, A. R., Ismail, N. A. and Hamat, A. F. C. (2018). Foreign direct investment and trade openness: Do they lead to sustainable development in Malaysia? Journal of Sustainability Science and Management, 4, 81-100. Retrieved from https://jssm.umt.edu.my/
  • Sarı, A. (2008). Parasalcı görüşe göre Türkiye’de ödemeler bilançosu dengesinin sağlanmasında otomatik denkleşme mekanizmalarının etkinliği. C.Ü. İktisadi ve İdari Bilimler Dergisi, 9(2), 1-12. Retrieved from https://library.dogus.edu.tr/mvt/
  • Šimelytė, A. and Antanavičienė, J. G. (2013). Foreign direct investment policy as an instrument for sustainable economic growth: A case of Ireland. Journal of Security and Sustainability Issues, 2(4), 25-34. http://dx.doi.org/10.9770/jssi.2013.2.4(3)
  • Simionescu, M. (2016). Foreign direct investment and sustainable development. A regional approach for Romania (Macroeconomic Modelling Seminar Working Papers No. 162702). Retrieved from https://ipe.ro/repec/workingpapers/cs27_2.pdf
  • United Nations Conference on Trade and Development. (2014). World investment report 2014 - Investing in the SDGs: An action plan. Retrieved from https://unctad.org/system/files/official-document/wir2014_en.pdf
  • United Nations. (2015). Transforming our world: The 2030 agenda for sustainable development. Retrieved from https://sustainabledevelopment.un.org/post2015/transformingourworld/publication
  • Voica, M. C., Panait, M. and Haralambie, G. A. (2015). The impact of foreign direct investment on sustainable development. Economic Insights – Trends and Challenges, 3, 89-103. Retrieved from https://upg-bulletin-se.ro/
  • Zamani, Z. and Tayebi, S. K. (2021). The causal links between FDI and economic development: Evidence from Greece. European Journal of Social Sciences, 27(1), 12-20. Retrieved from http://www.europeanjournalofsocialsciences.com
  • Zivot, E. and Andrews D. (1992). Further evidence on the great grash, the oil-price shock, and the unit-root hypothesis. Journal of Business and Economic Statistics, 10(3), 251-270. Retrieved from http://www.jstor.org/

An Analysis of the Relationship between Foreign Direct Investment and Sustainable Development

Yıl 2021, Cilt 6, Sayı IERFM Özel Sayısı, 33 - 53, 30.12.2021
https://doi.org/10.30784/epfad.1022499

Öz

The development and welfare efforts of countries are transformed over time and creates sustainable development with an approach that considers environmental factors. If the processing of raw materials is based solely on economic benefits, it will hinder environmental and social development in the long run. Thus, the importance of sustainable development is emphasized once again with the circular economy structure. On the other hand, foreign direct investment (FDI) comes to the fore as sustainable development strategy, especially in developing economies. In this context, it is aimed to reveal whether there is a relationship between FDI and sustainable development in Turkey between 1990-2018. Unit root test, co-integration and VECM based causality analyses are included in the estimation of the relationships between these variables by using the Eviews10. The significance of causality relationship is also questioned with variance decomposition and impulse-response analysis. According to the findings, there is a cointegration relationship between the variables and they act together in the long run. In addition, there is one-way relationship from FDI to per capita GDP and per capita energy consumption; bidirectional causality between per capita GDP and per capita energy consumption; one-way relationship from FDI to sustainable development index.

Kaynakça

  • Abdouli, M. and Hammoni S. (2017). Investigating the causality links between environmental quality, foreign direct investment and economic growth in MENA countries. International Business Review, 26, 264-278. https://doi.org/10.1016/j.ibusrev.2016.07.004
  • Adejumo, A. V. (2019). Foreign direct investment, export performance and sustainable development in Nigeria. Journal of Sustainable Development, 12(2), 110-122. doi:10.5539/jsd.v12n2p110
  • Antanavičienė, J. (2014). Foreign direct investment: Driving factors and outcomes for secure and sustainable development. Journal of Security and Sustainability Issues, 3(3), 55-67. doi:10.9770/jssi.2014.3.3(5)
  • Aust, V., Morais, A. I. and Pinto I. (2020). How does foreign direct investment contribute to sustainable development goals? Evidence from African Countries. Journal of Cleaner Production, 245, 1-10. https://doi.org/10.1016/j.jclepro.2019.118823
  • Ayamba, E. C., Haibo, C., Abdul-Rahaman, A. R., Serwaa, O. E. and Osei-Agyemang, A. (2020). The impact of foreign direct investment on sustainable development in China. Environmental Science and Pollution Research, 27(20), 25625-25637. https://doi.org/10.1007/s11356-020-08837-7
  • Barişik, S. and Kesikoğlu, F. (2006). Türkiye'de bütçe açiklarinin temel makroekonomik değişkenler üzerine etkisi (1987-2003 VAR, etki-tepki analizi, varyans ayrıştırması). Ankara Üniversitesi SBF Dergisi, 61(4), 59-82. Retrieved from https://dergipark.org.tr/en/pub/ausbf
  • Bulut, S. and Özdemir, A. (2012). İstanbul Menkul Kıymetler Borsası ve “Dow Jones Industrial” araştırma ilişkisi: Eşbütünleşme analizi. Yönetim ve Ekonomi Dergisi, 19(1), 211-224. Retrieved from https://dergipark.org.tr/tr/pub/yonveek
  • Cho, H. C. and Ramirez, M. D. (2016). Foreign direct investment and income inequality in Southeast Asia: A panel unit root and panel cointegration analysis, 1990–2013. Atlantic Economic Journal, 44, 411-424. doi:10.1007/s11293-016-9521-7
  • Chudnovsky, D. and Lopez, A. (2008). Foreign investment and sustainable development in Argenita. Retrieved from http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.367.818
  • Davidson, L. and Sahli, M. (2015). Foreign direct investment in tourism, poverty alleviation, and sustainable development: A review of the Gambian hotel sector. Journal of Sustainable Tourism, 23(2), 167-187. Retrieved from https://sdgs.un.org/
  • Erden, C. and Turan Koyuncu, F. (2014). Kalkınma ve çevresel sağlık riskleri: Türkiye için ekonometrik bir analiz. Aksaray Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(2), 9-23. Retrieved from https://iibfdergi.aksaray.edu.tr/
  • Erdil Şahin, B. (2019). Türkiye’de enflasyon ve işsizlik arasındaki ilişkinin vektör hata düzeltme modeli ile analizi. Mali Çözüm Dergisi, 29(152), 63-75. Retrieved from https://archive.ismmmo.org.tr/
  • Feridun, M. and Sissoko, Y. (2011). Impact of FDI on economic development: A causality analysis for Singapore, 1976 – 2002. International Journal of Economic Sciences and Applied Research, 4(1), 7-11. Retrieved from http://ssrn.com/
  • Fuller, D. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica, 49(4), 1057-1072. doi:10.2307/1912517
  • Gallagher, K. P. (2005). FDI as a sustainable development strategy: Evidence from Mexican manufacturing. UC Berkeley: Center for Latin American Studies.
  • Georgantopoulos, A. G. and Tsamis, A. (2011). The macroeconomic effects of budget deficits in Greece: A VAR-VECM approach. International Research Journal of Finance and Economics, 79, 100-112. Retrieved from https://ssrn.com/
  • Guoyan, S., Khaskheli, A., Raza, S. A. and Shah, N. (2021). Analyzing the association between the foreign direct investment and carbon emissions in MENA countries: A pathway to sustainable development. Environment, Development and Sustainability, 1-18. doi:10.1007/s10668-021-01613-8
  • Kardos, M. (2014). The relevance of foreign direct investment for sustainable development. Empirical evidence from European Union. Procedia Economics and Finance, 15, 1349-1354. https://doi.org/10.1016/S2212-5671(14)00598-X
  • Karimov, M. (2020). An empirical analysis of the relationship among foreign direct investment, gross domestic product, CO2 emissions, renewable energy contribution in the context of the Environmental Kuznets Curve and pollution haven hypothesis regarding Turkey. European Center for Science Education and Research, 94-108. doi:10.26417/ejef.v4i1.p110-123
  • Kivyiro, P. and Arminen, H. (2014). Carbon dioxide emissions, energy consumption, economic growth, and foreign direct investment: Causality analysis for Sub-Saharan Africa. The Energy Journal, 74, 595-606. https://doi.org/10.1016/j.energy.2014.07.025
  • Kutlar, A. (2009). Uygulamalı ekonometri. Ankara: Nobel Yayın Dağıtım.
  • Mukhtarov, S., Aliyev, S., Mikayilov, J. I., Ismayilov, A. and Rzayev, A. (2021). The FDI-CO2 nexus from the sustainable development perspective: The case of Azerbaijan. International Journal of Sustainable Development & World Ecology, 28(3), 246-254. https://doi.org/10.1080/13504509.2020.1804479
  • Nepal, R., Paija, N., Tyagi, B. and Harvie, C. (2021). Energy security, economic growth and environmental sustainability in India: Does FDI and trade openness play a role? Journal of Environmental Management, 281, 111886. https://doi.org/10.1016/j.jenvman.2020.111886
  • Odugbesan, J. A., Ike, G., Olowu, G. and Adeleye, B. N. (2020). Investigating the causality between financial inclusion, financial development and sustainable development in Sub‐Saharan Africa economies: The mediating role of foreign direct investment. Journal of Public Affairs, e2569. https://doi.org/10.1002/pa.2569
  • Omri, A., Nguyen, D. K. and Roult, C. (2014). Causal interactions between CO2 emissions, FDI, and economic growth: Evidence from dynamic simultaneous-equation models. Economic Modelling, 42, 18-40. https://doi.org/10.1016/j.econmod.2014.07.026
  • Pao, H. T. and Tsai, C. M. (2011). Multivariate Granger causality between CO2 Emissions, energy consumption, FDI (foreign direct investment) and GDP (gross domestic product): Evidence from a panel of BRIC (Brazil, Russian Federation, India, and China) countries. The Energy Journal, 36, 685-693. https://doi.org/10.1016/j.energy.2010.09.041
  • Park, S. D. (2018). The nexus of FDI, R&D, and human capital on Chinese sustainable development: Evidence from a two-step approach. Multidisciplinary Digital Publishing Institute, 10, 1-23. doi:10.3390/su10062063
  • Pirtea, M. and Milos, L. (2009). Foreign direct investment–a lead driver for sustainable development in Romania? Annals-Economy Series, 3, 265-272. Retrieved from https://www.utgjiu.ro/
  • Rana, R. and Sharma, M. (2020). Dynamic causality among FDI, Economic Growth and CO2 emissions in India with open markets and technology gap. International Journal of Asian Business and Information Management, 11(3), 15-31. doi:10.4018/IJABIM.2020070102
  • Ren, S., Yuan, B., Ma, X. and Chen, X. (2014). International trade, FDI (foreign direct investment) and embodied CO2 emissions: A case study of Chinas industrial sectors. China Economic Review, 28, 123-134. https://doi.org/10.1016/j.chieco.2014.01.003
  • Ridzuan, A. R., Ismail, N. A. and Hamat, A. F. C. (2017). Does foreign direct investment successfully lead to sustainable development in Singapore? The Economies Journal, 5(29), 2-20. https://doi.org/10.3390/economies5030029
  • Ridzuan, A. R., Ismail, N. A. and Hamat, A. F. C. (2018). Foreign direct investment and trade openness: Do they lead to sustainable development in Malaysia? Journal of Sustainability Science and Management, 4, 81-100. Retrieved from https://jssm.umt.edu.my/
  • Sarı, A. (2008). Parasalcı görüşe göre Türkiye’de ödemeler bilançosu dengesinin sağlanmasında otomatik denkleşme mekanizmalarının etkinliği. C.Ü. İktisadi ve İdari Bilimler Dergisi, 9(2), 1-12. Retrieved from https://library.dogus.edu.tr/mvt/
  • Šimelytė, A. and Antanavičienė, J. G. (2013). Foreign direct investment policy as an instrument for sustainable economic growth: A case of Ireland. Journal of Security and Sustainability Issues, 2(4), 25-34. http://dx.doi.org/10.9770/jssi.2013.2.4(3)
  • Simionescu, M. (2016). Foreign direct investment and sustainable development. A regional approach for Romania (Macroeconomic Modelling Seminar Working Papers No. 162702). Retrieved from https://ipe.ro/repec/workingpapers/cs27_2.pdf
  • United Nations Conference on Trade and Development. (2014). World investment report 2014 - Investing in the SDGs: An action plan. Retrieved from https://unctad.org/system/files/official-document/wir2014_en.pdf
  • United Nations. (2015). Transforming our world: The 2030 agenda for sustainable development. Retrieved from https://sustainabledevelopment.un.org/post2015/transformingourworld/publication
  • Voica, M. C., Panait, M. and Haralambie, G. A. (2015). The impact of foreign direct investment on sustainable development. Economic Insights – Trends and Challenges, 3, 89-103. Retrieved from https://upg-bulletin-se.ro/
  • Zamani, Z. and Tayebi, S. K. (2021). The causal links between FDI and economic development: Evidence from Greece. European Journal of Social Sciences, 27(1), 12-20. Retrieved from http://www.europeanjournalofsocialsciences.com
  • Zivot, E. and Andrews D. (1992). Further evidence on the great grash, the oil-price shock, and the unit-root hypothesis. Journal of Business and Economic Statistics, 10(3), 251-270. Retrieved from http://www.jstor.org/

Ayrıntılar

Birincil Dil İngilizce
Konular İktisat
Bölüm Makaleler
Yazarlar

Canan ŞENTÜRK (Sorumlu Yazar)
Süleyman Demirel Üniversitesi
0000-0001-7714-844X
Türkiye


Şerife KUYUN Bu kişi benim
SÜLEYMAN DEMİREL ÜNİVERSİTESİ
0000-0002-9931-4995
Türkiye

Yayımlanma Tarihi 30 Aralık 2021
Yayınlandığı Sayı Yıl 2021, Cilt 6, Sayı IERFM Özel Sayısı

Kaynak Göster

APA Şentürk, C. & Kuyun, Ş. (2021). An Analysis of the Relationship between Foreign Direct Investment and Sustainable Development . Ekonomi Politika ve Finans Araştırmaları Dergisi , IERFM Özel Sayısı , 33-53 . DOI: 10.30784/epfad.1022499

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